Veidekke Asa · OSL:VEI
Veidekke Asa — Investor Presentation (October 2026)
40 slides from Veidekke Asa's investor presentation, Oct 21, 2026
Slide 1: Autumn Market 2026 update
Autumn Market 2026 update 21 October 2026 Questions? Kristoffer Eide Hoen | Head of Insight and Analysis [email protected] Anders Wettre | Senior Analyst Amna Rasool | Analyst [email protected] Teodor Thorén | Analyst [email protected] [email protected]
Slide 2: Agenda
Agenda 01 Introduction 02 Economic environment 03 The contracting markets 04 Construction costs 2
Slide 3: Introduction
O01 Introduction
Slide 4: About Veidekke's market report
About Veidekke’s market report • Veidekke prepares figures for the Scandinavian markets based on statistics published by Statistics Norway, Statistics Sweden and Statistics Denmark. Other information sources include major construction clients like the Swedish Transport Administration and the Norwegi
Slide 5: Our focus: the Scandinavian contracting markets
Our focus: the Scandinavian contracting markets Not included: - Detached houses and holiday homes - “Off-the-books work” and household DIY The contracting markets in 2025 Production of buildings* and infrastructure in NOK billion Total Scandinavian market 2025: ~ NOK 860 billion The forecast for the
Slide 6: Forecasts for the contracting markets
Forecasts for the contracting markets Strong growth in 2026 with more moderate growth in 2027–2028 Comment Production in the Scandinavian contracting markets • Growth will pick up in 2026 before slowing down. Following a 6% decline Percentage change since previous year, current prices in 2025, produ
Slide 7: Economic environment
02 Economic environment
Slide 8: Impact of war with Iran
Impact of war with Iran War and supply disruptions are keeping energy prices high Comment Oil, gas and Nordic electricity prices USD and EUR, latest observation 19 October • Oil and gas prices remain high, and have been volatile. The oil price again 125 rose above USD 100 per barrel in the past mont
Slide 9: Geopolitical snapshot
Geopolitical snapshot Geopolitical unrest and risk premium on European corporate debt Comment Geopolitical risk (GPR index) Risk premium on European corporate bonds • The geopolitical risk level has risen in 2026, particularly following USA’s extensive air escalation of the conflict between the USA
Slide 10: Economic growth
Economic growth Improved growth outlook, but with major differences between countries Comment GDP growth • Growth in the Norwegian economy is expected to be moderate in 2026. Percentage change compared to previous year Improved purchasing power is supporting consumption, and growth is projected to p
Slide 11: Household purchasing power and job security
Household purchasing power and job security Improved household finances are bolstering demand Comment Household purchasing power is increasing… …while the labour market is improving gradually • Household purchasing power continues to Annual growth in real disposable income, households, % Unemploymen
Slide 12: Inflation and interest rates
Inflation and interest rates Rising interest rates Market rates are on the up… …while key policy rates also look set to rise No increase in core inflation yet Five-year swap rates, %, latest observation 19 October Key policy rates, %, latest observation 19 October Core inflation, latest observation
Slide 13: Demographic developments
Demographic developments Declining population growth in Norway and Sweden Comment Population growth • Population growth remains low, particularly in Sweden. Norway and Annual growth, % Denmark both have an annual growth rate of around 0.5%, while Sweden’s is close to 0.2%. 1,5% 1.5% 1.3% • Lower bir
Slide 14: The contracting markets
03 The contracting markets
Slide 15: Estimated order intake, construction operations
Estimated order intake, construction operations Higher intake of both construction and infrastructure orders Order book, listed companies, Nordic operations Estimated order intake, Scandinavian construction projects Reporting companies, estimates in NOK/SEK billion according to reported currencies N
Slide 16: The Scandinavian contracting markets: current prices
The Scandinavian contracting markets Historical figures and forecasts, current prices Norway, production by sector Sweden, production by sector Denmark, production by sector NOK billion, current prices NOK billion, current prices NOK billion, current prices CAGR 2025–2028 CAGR 2025–2028 CAGR 2025–20
Slide 17: The Scandinavian contracting markets: fixed prices
The Scandinavian contracting markets Historical figures and forecasts, fixed prices Norway, production by sector Sweden, production by sector Denmark, production by sector NOK billion, fixed prices NOK billion, fixed prices NOK billion, fixed prices CAGR 2025–2028 CAGR 2025–2028 CAGR 2025–2028 Forec
Slide 18: The Scandinavian contracting markets: sector and country distribution
The Scandinavian contracting markets Sector and country distribution Sector distribution Year-on-year change by sector Country distribution NOK billion, forecast 2026–2028 NOK billion, forecast 2026–2028 NOK billion, forecast 2026–2028 1 200 200 20% 450 1 048 1 027 400 374 150 15% 364 1 000 946 942
Slide 19: The contracting markets: Construction
The contracting markets Construction
Slide 20: New residential unit sales in Norway
New residential unit sales in Norway A temporary slowdown? Comment Ready-for-sale and sold apartments • In the 12 months to August 2026, approximately Number of units, 12-month rolling total and last two months. latest observation August 2026 10,000 apartments were sold, representing a slight decrea
Slide 21: Apartments and small houses in Norway and Sweden
Apartments and small houses in Norway and Sweden Decline in Norway, strong growth in Sweden in the first half of 2026 Comment Norway, estimated order intake Sweden, estimated order intake • The intake of orders for new apartments and NOK billion NOK billion small houses was up 26% in Norway and up 1
Slide 22: Commercial buildings in Norway and Sweden
Commercial buildings in Norway and Sweden Growth in Norway, decline in Sweden in the first half of 2026 Comment Norway, estimated order intake Sweden, estimated order intake • In 2025, the intake of orders for commercial NOK billion NOK billion buildings shrank by 2% in Norway, but grew by Buildings
Slide 23: Public buildings in Norway and Sweden
Public buildings in Norway and Sweden Hospitals contribute strongly in Norway, continued growth in Sweden Comment Norway, estimated order intake Sweden, estimated order intake • In 2025, demand for public buildings remained NOK billion NOK billion stable in Norway, with a 1% decline. Sweden, on the
Slide 24: Commercial buildings in Denmark
Commercial buildings in Denmark Continued growth, particularly in the commercial buildings segment Comment Commercial buildings Public buildings • In 2025, demand for commercial buildings Estimated order intake, NOK billion Estimated order intake, NOK billion increased by 16%, and for public buildin
Slide 25: The contracting markets: Infrastructure
The contracting markets Infrastructure
Slide 26: The civil engineering market in Norway and Sweden
The civil engineering market in Norway and Sweden High production throughout the forecast period Comment Norway, production Sweden, production Norway NOK billion, current prices NOK billion, current prices • Measured by value, the civil engineering market Prognose Prognose is forecast to grow by 4%
Slide 27: Infrastructure: Public transport
Infrastructure Public transport
Slide 28: Transport infrastructure in Norway
Transport infrastructure in Norway Continued high level of road construction, but decline in the railway market Comment Roads market, production Railways market, production Roads NOK billion, current prices NOK billion, current prices • Measured by value, the roads market is forecast to Forecast For
Slide 29: Transport infrastructure in Sweden
Transport infrastructure in Sweden Strong growth in the railways market Comment Roads market, production Railways market, production Roads NOK billion, current prices NOK billion, current prices • The roads market is projected to grow by 6% in Prognos Prognos 2026 and 3% in 2027, measured at current
Slide 30: Infrastructure: Road maintenance
Infrastructure Road maintenance
Slide 31: Road maintenance, Norway
Road maintenance, Norway Stable road maintenance market, weaker outlook for rail contractors Comment Road maintenance by clients and segment National roads NOK billion, current prices Forecast • The Norwegian Government has proposed investment of NOK 11.9 billion in Municipal roads 13.9 road mainten
Slide 32: Infrastructure: Energy, water supply and sewerage
Infrastructure Energy, water supply and sewerage
Slide 33: Norway: energy, water supply and sewerage
Norway: energy, water supply and sewerage Strong growth in the energy sector, lower water supply and sewerage activity in the period to 2028 Comment Production Energy NOK billion, current prices • The energy market is expected to grow by 17% in 2026 and 15% in 2027, measured at current prices. A fur
Slide 34: Sweden: energy, water supply and sewerage
Sweden: energy, water supply and sewerage New production peak in 2028 Comment Production Energy NOK billion, current prices • The energy market is set to grow by 1% in 2026. Growth will then 70 Forecast accelerate to 8% in 2027 before slowing to 6% in 2028. • Svenska kraftnät is ramping up investmen
Slide 35: Construction costs
04 Construction costs
Slide 36: Construction cost indices
Construction cost indices High wage growth is currently keeping construction costs high, but is expected to slow Comment Construction cost index, residential blocks, Norway Construction cost index, residential blocks, Sweden • In September 2026, construction cost inflation Percentage change compared
Slide 37: Norway: construction cost index, civil engineering
Norway: construction cost index, civil engineering Higher energy prices will drive further cost growth before inflation tapers off Comment Construction cost index, roads • In Q2, price inflation stood at 5.7% for road maintenance and 5.0% for Percentage change compared to same month last year newbui
Slide 38: Key inflation drivers
Key inflation drivers Differing foreign exchange trends for Sweden and Norway, ongoing high energy prices Foreign exchange (trade-weighted indices) Energy and CO2 quota prices Latest observation 19 October Latest observation 19 October 135 160 145 140 130 120 125 108 100 120 86 80 115 60 110 40 105
Slide 39: Construction cost indices by material
Construction cost indices by material Planed timber, steel and concrete Norway Sweden Denmark Index Jan. 2020 = 100, latest observation September 2026 Index Jan. 2020 = 100, latest observation September 2026 Index Q1 2020 = 100, latest observation Sep. 26/Q2. 2026 300 274 280 269 260 240 220 205 198
Slide 40: Takk for
Takk for 4 0